Natural Gas
Conduct Screen Fossil Fuels
Companies primarily in natural gas distribution, storage, or retail — gas utilities, local distribution companies (LDCs), and companies whose core business is delivering natural gas to end customers. Distinct from fossil_fuels_upstream (E&P), fossil_fuels_midstream (pipelines/processing), and fossil_fuels_downstream (refining).
15 companies currently excluded under this screen
Excluded Companies (15 total)
Showing 15 of 15 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| NGG | National Grid PLC | National Grid PLC operates a natural gas distribution utility serving approximately 3.4 million customers in the Northeastern United States through its subsidiaries. Its gas business is a core segment, managing a network of over 4,000 miles of gas transmission pipelines and 37,000 miles of gas distribution mains. The company's financial statements show significant, ongoing capital investment in this gas infrastructure network. The company has a substantial record of safety and regulatory violations related to its gas operations. ViolationTracker documents 23 separate utility safety violation cases, resulting in over $30 million in penalties. A 2007 House of Lords case documented that National Grid Gas plc was responsible for coal tar contamination beneath residential gardens, a legacy of gas manufacturing that constituted contamination "potentially harmful to health." While National Grid has announced emissions reduction targets, its core business model remains dependent on the continued distribution and sale of natural gas. There is no announced plan to phase out its gas utility operations or transition its gas customer base to alternative energy sources, locking in fossil fuel reliance for the long term. |
| CPK | Chesapeake Utilities Corp | Chesapeake Utilities Corporation operates a regulated natural gas distribution utility serving approximately 113,000 customers across Delaware, Maryland, and Florida. The company’s core business is the transportation and delivery of fossil fuel through its owned and operated pipeline infrastructure. Its operations include maintaining contracts for natural gas transportation and storage, and it has historically invested in expanding this pipeline network to serve new customers. While Chesapeake Utilities is a regulated distributor, not a producer, its entire business model is predicated on the continued combustion of fossil natural gas. The company’s 2026 Form 10-K acknowledges that a transition away from fossil fuels would “impact demand for our products and services.” Despite this recognized risk, there is no public evidence of a substantive, funded plan to transition its infrastructure away from fossil gas or to phase out its core distribution business in alignment with climate targets. |
| CLNE | Clean Energy Fuels Corp. | Clean Energy Fuels Corp. is a transportation fuel provider whose core business is delivering natural gas to vehicle fleets across the United States and Canada. The company supplies compressed natural gas (CNG) and liquefied natural gas (LNG) as its primary fuels, with the majority of its revenue derived from these fossil natural gas products. While the company has developed a renewable natural gas (RNG) segment, its foundational business model remains centered on fossil natural gas distribution for transportation. The company’s operations are deeply integrated into the natural gas vehicle fuel market. It contends directly with regulated gas utilities for market share, as evidenced by its legal challenge against Southern California Gas Company, arguing the utility exploits its monopoly status to unfairly compete. Clean Energy Fuels Corp. has no announced plan to phase out its fossil natural gas fueling infrastructure or transition its core business away from fossil fuel distribution. |
| NWN | Northwest Natural Holding Co | Northwest Natural Holding Co operates natural gas distribution utilities serving approximately two million people across more than 140 communities in the Pacific Northwest and Texas. Its core business is the delivery of natural gas to end customers, with no announced plan to phase out this fossil fuel infrastructure. In October 2024, Multnomah County, Oregon, became the first U.S. municipality to sue the company, alleging NW Natural “engaged in an enterprise of misrepresentation” about its products' role in the climate crisis. The lawsuit followed an August 2024 finding by Oregon environmental regulators that the utility was misleading customers about the climate impacts of natural gas. Regulators cited the company's marketing of carbon-offset programs, which they stated created a false impression that using natural gas could be climate-neutral. This pattern of alleged climate deception is documented in a trove of more than 100 internal company documents. |
| KEN | Kenon Holdings Ltd | Kenon Holdings Ltd is a holding company whose primary business is its approximately 47% equity stake in OPC Energy, a power generation company with facilities in Israel and the United States. OPC Energy’s power plants are designed to utilize natural gas, and the company operates within the natural gas production and distribution sector, serving both wholesale and retail customers. The company’s core operations are intrinsically linked to the combustion and distribution of fossil natural gas for electricity generation. The company is currently engaged in international arbitration against the Republic of Peru through its subsidiary IC Power Ltd, alongside Kenon Holdings Ltd itself, as a claimant. The dispute, registered with ICSID (Case No. ARB/20/34), involves the energy generation and distribution business in Peru. This legal action underscores the company’s direct, material involvement in the natural gas utility sector in international markets. |
| WTRG | Essential Utilities Inc | Essential Utilities Inc. operates a regulated natural gas distribution utility serving approximately 750,000 customers across several states, including Pennsylvania, Ohio, and North Carolina. This business constitutes a core segment of the company's operations, representing a significant portion of its regulated utility footprint alongside its water services. The company's gas utility is classified as midstream fossil fuel infrastructure. It owns and operates the local distribution pipelines, storage assets, and related systems essential for delivering natural gas to residential, commercial, and industrial end-users. This infrastructure is capital-intensive and has a multi-decade operational lifespan, creating a long-term, embedded exposure to fossil fuels within the company's asset base. There is no publicly announced plan to phase out or transition this gas distribution network away from fossil fuels. |
| CSAN | Cosan S.A. | Cosan S.A. operates through its subsidiary Comgás, the largest natural gas distributor in Brazil, serving over 2.3 million residential, commercial, and industrial customers across São Paulo state. This regulated utility business constitutes a core segment of the conglomerate's integrated energy and logistics portfolio. The company's operations are centered on the distribution and sale of piped natural gas, a fossil fuel, to end consumers. While Cosan has diversified into bioenergy and sugar production, its natural gas distribution network remains a foundational and material part of its business. There is no publicly announced plan to phase out this fossil fuel infrastructure or transition the utility's service to renewable energy sources. The company continues to derive significant revenue from the combustion of natural gas by its customer base. |
| SR | Spire Inc | Spire Inc. is a natural gas distribution utility serving approximately 1.7 million customers across Alabama, Mississippi, and Missouri. Its core business is the delivery of natural gas to residential, commercial, and industrial end-users through its regulated local distribution companies. The company's operations are centered on natural gas infrastructure, with no announced plan to phase out its gas distribution business in favor of renewable energy alternatives. The company actively promotes natural gas consumption through customer rebates for gas appliances and financing for gas equipment installations. Spire's public sustainability materials emphasize "efficient" natural gas use and the exploration of renewable natural gas and hydrogen blending, rather than committing to a full transition away from fossil gas infrastructure. |
| TAC | TransAlta Corp | TransAlta Corp operates a power generation fleet that includes natural gas-fired facilities as a core component of its business. In November 2025, the company signed a deal to acquire Far North Power Corp. and its four natural gas-fired power plants in Ontario for $95 million. Concurrently, in December 2025, TransAlta announced an agreement with Puget Sound Energy to convert its coal-fired power plant in Washington state to natural gas generation, securing a 16-year fixed-price contract for the output. The company is also actively pursuing agreements to supply natural gas-fired power to prospective data center partners in Alberta. These recent investments and long-term contracts demonstrate a strategic commitment to expanding and locking in natural gas generation capacity, rather than transitioning away from fossil fuels. |
| ES | Eversource Energy | Eversource Energy is a natural gas distribution utility serving approximately 4.3 million customers in Connecticut, Massachusetts, and New Hampshire through subsidiaries like NSTAR Gas Company. Natural gas delivery is a core business activity alongside electricity and water distribution. The company has faced legal action over its marketing of natural gas. In 2022, Eversource paid a $1.8 million settlement with the Connecticut Attorney General over allegations of deceptive marketing that promoted natural gas as a clean energy source. A separate class action lawsuit filed in Massachusetts in 2024 alleges the company engaged in unfair and deceptive "green" marketing practices. As a regulated utility, Eversource has no announced plan to phase out its gas distribution network, which remains central to its operations. |
| PEG | PUBLIC SERVICE ENTERPRISE GROUP IN | Public Service Enterprise Group operates PSE&G, one of the largest combined electric and gas utilities in the United States, serving approximately 1.9 million natural gas customers in New Jersey. While PSEG completed the sale of its 6,750 MW fossil-fuel generation fleet to ArcLight Capital in 2022 and retained only its nuclear power plants, PSE&G remains a major natural gas distributor. PSE&G invested $902 million in 2024-2025 on its Gas System Modernization Program, replacing over 400 miles of aging gas infrastructure. The company operates more underground cast-iron gas mains than any utility in the nation. PSEG's continued investment in gas distribution infrastructure locks in fossil fuel dependency for decades, despite the generation-side pivot to nuclear. |
| D | Dominion Energy | Dominion Energy is a major natural gas utility, distributing gas to over 3.5 million customers across multiple states. Its core business is the delivery of natural gas to end users, and it continues to invest heavily in new fossil gas infrastructure. In February 2026, Virginia regulators approved Dominion’s $1.47 billion proposal for a new gas-fired power plant in Chesterfield County. This project is being challenged in court by environmental and community groups, who argue the plant violates state clean energy laws and environmental justice provisions. The company’s ongoing commitment to expanding gas generation, rather than transitioning its system, underscores its primary identity as a natural gas company. |
| SRE | SEMPRA | Sempra operates Southern California Gas Company (SoCalGas), the largest natural gas distribution utility in the United States, serving approximately 21.8 million consumers across Southern and Central California. Its San Diego Gas & Electric subsidiary also distributes natural gas. This regulated utility delivery of natural gas to end customers is the company's core business activity. Sempra Infrastructure is also a leader in developing liquefied natural gas (LNG) export infrastructure. The company has not announced a plan to phase out its natural gas distribution operations. |
| SWX | Southwest Gas Holdings Inc | Southwest Gas Holdings, through its primary operating subsidiary Southwest Gas Corporation, engages in the business of purchasing, distributing, and transporting natural gas to end customers. The company serves approximately 2.1 million residential, commercial, and industrial customers across Arizona, Nevada, and portions of California. Its core business is the regulated distribution and sale of natural gas, with its natural gas distribution segment generating adjusted net income of over $100 million in 2025. |
| ATO | Atmos Energy Corporation | Atmos Energy is the largest natural-gas-only distributor in the United States, delivering natural gas to over 3 million customers across 8 states. The company's entire business model is built on fossil gas distribution. |
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
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